IMPORTANT NOTICE: PLEASE READ THIS ENTIRE PAGE CAREFULLY BEFORE YOU START USING THIS
APPLICATION. YOUR NAME AND PICTURE APPEAR BELOW FOR ILLUSTRATIVE PURPOSES ONLY AND ARE ONLY VISIBLE TO YOU.
YOUR NAME AND PICTURE APPEAR BELOW TO ILLUSTRATE HOW YOU CAN USE THE APPLICATION. THIS DOES NOT REPRESENT
THAT YOU HAVE ENGAGED IN THE ACTIVITY DESCRIBED IN THE EXAMPLES BELOW.
Accessing
'Agree it' is third party application that is integrated with Facebook. You can access 'Agree it' by clicking on the logo in the top left hand corner of this page or by clicking on any of the tabs in the menu above except 'How it works' and 'Glossary',
If you are not already logged into Facebook you will then be asked to log in. This login page is part of Facebook not 'Agree it' therefore you are not giving your Facebook login details to 'Agree it'.
You will then be directed to a page with the 'Agree it' icon and your photo with the message 'Agree it will receive the following info: your public profile, friend list and current city' , followed by the option to click 'cancel' or 'OK'.
'Agree it' requires the the above for the following reasons:
Public profile: 'Agree it' will only use your photo and name to identify you and enable you to be identified by your friends when transacting with them.
Friend list: 'Agree it' requires your friend list in order to match you with other Borrowers, Lenders, Investors or entrepreneurs within your social network (or Social Graph as Facebook refers to it).
Current City: In order to set your default currency, 'Agree it' needs to determine your country of residence. Facebook stores this information as current city not as country of residence and only gives third party 'apps' like 'Agree it' the option to request your current city. Once you give 'Agree it' permission to access your current city, Facebook also provides 'Agree it' with your country residence. Unfortunately as of yet Facebook does not give third party apps like 'Agree it' to access your country of residence only, as soon as it does 'Agree it' will request only this.
PLEASE NOTE: 'Agree it' will not post anything to your Facebook 'News Feed' or send any alerts, messages, requests or invitations to your 'Friends' unless you instruct it to. When you join, the 'Agree it' icon will appear on your Facebook home page under 'Apps' and will only be visible to you. None of your friends will know that you have joined 'Agree it' unless you invite them or send them requests.
Given the above, If you are happy to proceed to 'Agree it' then click 'OK'. You will then be directed to your 'Agree it' home page.
Borrow
Clicking on |Borrow| allows you to make a new request for a
loan from your friends. Currently you can request a 'bullet loan' where you specify the start date (when the
funds are to be paid to you) and end date of the loan and where the full amount plus any interest (optional) is
repaid to the lender.
Enter the the currency you wish to borrow in (see MY CURRENCIES later), Amount,
Start date (when you need the money), Repayment date (when you will repay the loan), Preferred interest rate (per
annum rate). In the 'Description' box you can give details of the purpose of the loan, you may also wish give
details of how you would like to receive and repay funds for example Paypal, bank transfer, or in person (See Agreements below).
Now select friends that you wish to send your request to. You can increase your pool of
potential lenders by ticking ' Allow selected friends to forward your request to their friends'. Click 'Submit' and
your friends will receive your request in their Activity in the following format.
requested to borrow £1,000 @ 10% per annum from 31/01/2014 to 31/01/2015
If your friends have not yet joined 'Agree it' they will receive a notification of your
request on their Facebook home page. Now simply sit back and wait for the offers to roll in!
Lend
Got some spare cash and looking for a better return? You
can make a new offer to lend to your friends. Simply click on |Lend|...
Select the currency you wish to lend in, enter the amount you are looking to lend, the
start date and end date of the loan and your preferred interest rate. In the 'Description' box you can give details
on any additional terms for your lending, you may also wish give details of how you would like to pay and receive
funds for example via Paypal, bank transfer, or in person (See Agreements below).
Now select the friends you wish to offer your loan to. You can increase your pool of
potential borrowers by ticking ' Allow selected friends to forward your offer to their friends'. Click 'Submit' and
your friends will receive your request in their Activity in the following format.
offered to lend £1,000 @ 30% per annum from 31/01/2014 to 31/01/2015
If your friends have not yet joined 'Agree it' they will receive a notification of your
request on their Facebook home page. Now
sit back and watch your friends bid for your money!
Seek Funding
If you have a killer idea or
need some additional funding for your existing business, click on |Seek
funding| and
you can ask your network of friends for funding in return for a share in the profits.
Enter the amount of funding that you require, the start date and the repayment date
(when the initial funding plus any profit is to be repaid). You will also need to enter the 'Target Profit' that you
expect from your venture (see below) and the percentage of the profit or 'Profit share' that you are prepared to
offer to your friends (see below). Be sure to enter your business plan in the 'Description' box , you may also wish
to provide details of how you would like to receive and repay funds e.g Paypal, bank transfer, or in person (see Agreements section below)
Now select the friends you wish to send your request to. You can increase your pool of
potential investors by ticking ' Allow selected friends to forward your request to their friends'. Click 'Submit'
and your friends will receive your request in their Activity in the following format.
requested funding of £1,000 @ 50% profit share to the investor from 31/01/2014 to
31/01/2015. The target profit is
£1,000
If your friends have not yet joined 'Agree it' they will receive a notification of your offer on their
Facebook home page. Now
sit back and wait for your friends to compete with each other to invest in your venture!
Invest
So you've got some spare cash and are looking for some potentially higher returns? Click on
'Invest'....
Enter ,the currency,amount to invest, start date, repayment date and the return or 'Net
Target Profit' that you require (see later). In the 'Description' box you can give details on any additional terms
for your investment, you may also wish to give details of how you would like to pay and receive funds for example
Paypal, bank transfer, or in person (See Agreements below).
Now select the friends you wish to
send your offer to. You can increase your pool of potential entrepreneurs by ticking ' Allow selected friends to
forward your offer to their friends'. Click 'Submit' and your friends will receive your offer in their Activity in
the following format.
offered to invest £1,000 @ net target profit of £1,000 from 31/01/2014 to
31/01/2015
If your friends have not yet joined 'Agree it' they will receive a notification of
your offer on their Facebook home page. Now
sit back an watch business plans from your friends roll in as they compete with each other for your investment!
Target Profit
If you are requesting funding |Seek Funding|
this
is the amount of profit that you expect to return given the funding that you have requested AND given that
your venture goes according to plan. Target Profit is NOT to be mistaken for actual profit, actual profit can
only be determined at the end date or 'repayment date' depending on the success of the venture.
Profit Share
This is the percentage of the Target Profit that is offered by you
to
your friends in return for their investment. Similarly if you are an investor it is that share of the profit
you request from your friends in return for your funding. For the purpose of this application in all cases:
Profit Share=% of profit to the investor. Profit Share is negotiated and agreed from the outset.
Net Target Profit
Assuming that the 'Profit Share' has been negotiated and agreed, Net
Target
Profit is the amount of profit that will be paid to a specific investor on the repayment date (plus the initial
amount invested) IF the 'Target Profit' is achieved.
For example an entrepreneur proposes a venture that requires an investment of £10,000
for a
period of time, and at the end of that period the anticipated profit is £5000 (Target profit). An investor
places
£1000 with the entrepreneur at an agreed profit share of 50% . if the venture goes according to plan the
investor
should, on a pro-rata basis, receive a Net Target Profit of £250 = [ (1000/10,000) x5000 x(50/100)]. This in
addition to the initial investment of £1000. Therefore on the agreed repayment date the investor should
receive
£1250 if the venture goes according to plan as anticipated by the entrepreneur. The entrepreneur will
keep £250
of the profit for his efforts based of a 50% profit share.
Again for the purpose of this application and
any agreements made through it 'Net Target Profit' is NOT guaranteed. On the repayment date the actual
profit paid to the investor may be more OR less than the 'Net Target Profit' depending on the success of the
venture.
If the venture returns a greater profit than originally anticipated (Target profit)
then the actual profit paid to a particular investor should be greater that the 'Net Target Profit'.
Similarly if the venture returns a lower profit than originally anticipated, the actual profit paid to a particular
investor should be less than the 'Net Target Profit'. At the repayment date if the venture has made a loss then
the investor may lose some or all of their initial investment. For the purpose of this application and any
agreements for funding or investment made through it is only the Profit Share is agreed at the outset.
For the purpose of this application and any agreements for funding or investment made through it:
The investor is risking the entire amount of their initial investment and the recipient of
the funding or investment is risking the effort and time devoted to the venture in addition their reputation as
an entrepreneur within their network of friends. Profits are shared by the investor and the
entrepreneur as specified by the profit share that is negotiated and agreed from the outset. Losses are
wholly borne by the investor up to the level of their initial investment.
Net Target Profit %
This is simply the Net Target Profit stated as a percentage of the
initial
amount invested or to be invested. For example if the amount invested is £1000 , the Target Profit is £500
and there is an agreed profit share of 50% to the investor. Then the net target profit will be 25% = (50/100 x
500)/1000
Target Profit Rate
This is the Net Target Profit stated as a percentage of the
initial investment or funding amount projected on a per annum basis. For example if £1000 funding
is
required for 30 days with a target profit of £100. Then the Net Target Profit Rate will be (100/1000 x
100) x (365/30), or 121%.
The 'Target Profit Rate' can be a way to compare with return on a loan
since, for the purpose of this application, interest is stated on a per annum basis. However within the
application the interest rate is agreed between the two parties from the outset whereas target profit is not.
For the purpose of this application and any agreements for funding and investment made through it only
the Profit Share can be agreed from the outset.
Ave.
Abbreviation for average and refers to either an interest rate or a target profit
rate. In each case it is a weighted average rate, weighted by the amount requested,offered or agreed. For
example if you make 3 separate requests to borrow:
£1000 @ preferred rate of 5%
£500
@ preferred rate of 3%
£250 @ preferred rate of 2%
Then you have requested to borrow
a
total of £1750 @ [(1000/1750 x 5)+(500/1750)+(250/1750 x 2)] x 100 = 4% Ave.
The
same applies for average target profit rate, amounts offered, and amounts agreed.
Make a request to borrow
As an alternative to sending out a new request to borrow, you may choose to shop around within in your
network and fulfil your financing requirement by responding to offers from friends that are already lending.
Click on |Borrow| you will see all
offers of lending from your friends under the heading 'Respond To Friends That Are Already Lending' (below). Click
on 'Make a
Request' against each offer to view more detail and make a request to borrow. The total amount of
lending offered, average term (weighted), and average rate (weighted) are shown in red below.
Make a New Request to
Borrow
AND/OR
Respond To Friends That Are Already
Lending
Currency
Amount to borrow
Start date (if no
agreements have been made by 00:00 on the start date, your request and all related activity
will
expire and be deleted)
Repayment date
Preferred Rate per annum (optional)
%
Description
Send your request to:
Friend 1 Friend 2
Allow selected friends to forward your request to their friends
If a friend has some spare cash and makes an offer to lend to their network, and you are
included in the offer, you will be alerted on your home page. A small number will be visible next to |Borrow| in your menu bar indicating that there are new offers to lend from your friends.
New offers to lend from friends that include you will also show in your
'Activity' in the following format.
Friend
1
offered to lend £2,000 @ 30% per annum from 17/01/2014 to 17/03/2014
By clicking on View Detail you can also see all other friends that the offer was
sent to. If any of the these friends make a request it will also show in your activity. If you see that other,
perhaps mutual friends have decided to make a request to borrow from that particular friend , you may also be more
inclined to do so yourself.
Clicking on 'Make a request to
borrow' will give you the full details of the offer (below) and all competing requests that
other friends have made in response to it:
Offer to Lend
A Friend
offered to lend £2,000 @30% per annum from 17/01/2014 to 17/03/2014
Total Amount Selected: £2000 Average Rate: 23% Amount to be repaid: £2074.36
Make a request to borrow
£ @ %
Description
You can sort competing requests by amount and by rate. For multiple requests use the
check boxes to select combinations of different requests that make up the total amount offered by the lender. The
Total Amount Selected, Average Rate, and Amount to be repaid for selected requests will be calculated for you below.
This will assist you in making a request that minimizes your rate ( if that is your objective) whilst still being
competitive.
To make a request simply enter the amount you wish to borrow, your preferred interest
rate, reason for the loan (Description) and press 'submit'. Your request will then appear in your Activity in the
following format.
Once you have submitted your request it becomes active and can be agreed at any time by the
recipient. You can track the progress of each of your requests to borrow by clicking on 'MY BORROWING' (See later).
You can withdraw a request at any time, as long as it has not been agreed, by clicking Withdraw.
Make an offer to lend
So you have some spare cash, have joined 'Agree it' and invited
your
friends to join too. You haven't decided to make a new offer to lend yet. Perhaps you would like to see
what your friends are doing before you dip in? No problem.
Click on |Lend| you will see all requests to borrow from your friends
under the heading 'Respond To Friends That Are Already Borrowing' (below). Click on 'Make an offer' against each request to view more detail
and make a offer to lend . The total amount of borrowing requested, average term (weighted), and average rate
(weighted) are shown in red below.
Make a New Offer to Lend
AND/OR
Respond To Friends That Are Already Borrowing
Currency
Amount to lend
Start date
(if no agreements have been made by 00:00 on the start
date, your request and all related activity will expire and be deleted
If your friends make any new requests to borrow and you are included in them you will
be alerted on your home page. A small number will appear next to |Lend| in your menu bar indicating there are new requests to borrow from your friends.
Requests to borrow from friends will also show in your Activity in the following format.
Clicking on View Detail will display full details of the request
including all other friends that the request was sent to. If any of these friends make an offer to lend it will also
show in your activity. If you see that other, perhaps mutual friends have decided to make an offer to lend to that
particular friend, you may also be more inclined to do so yourself.
Clicking on 'Make an offer to lend' will give you full
details of the request and all competing requests that
other friends have made in response to it:
Friend 2
requested to borrow £2,000 @ 15% per annum from 17/01/2014 to 17/01/2014
You can sort competing offers by amount and by rate. For multiple offers use the check boxes to select
combinations of different offers that make up the total amount required by the borrower. The Total Amount Selected,
Average Rate, and Amount to be repaid for selected offers will be calculated for you below. This will assist you in
making an offer that maximises your rate (if that is your objective) whilst still being competitive.
To make an offer simply enter the amount you wish to lend, your preferred interest rate
and press 'submit'. Your offer will then appear in your Activity in the following format.
Once you have submitted your offer it becomes active and can be agreed at any time by the
recipient. You can withdraw your offer at any time, as long as it has been not been agreed, by clicking on
Withdraw. You can track the progress of your offer to lend by clicking on 'MY LENDING'
(see later)
Make a request for funding
On the other hand instead of sending out a request for
funding, you
may choose shop around within your network to fulfil your funding requirements by responding to offers of
investment from your friends.
Click on |Seek Funding| and you will see all offers of
investment from your friends under the heading 'Respond To Friends That Are Already Investing' . You can view more
detail and make a request for funding by clicking on 'Make a Request' against each offer. The total amount of investment offered,
average term (weighted), and average target profit rate (weighted) are shown in red below.
Make a New Request
for Funding
AND/OR
Respond To Friends That Are Already
Investing
Currency
How much funding are you seeking?
Start date of funding
Repayment date
Target profit expected
Percentage of profit to the investor
%
Description
Send your request to:
Friend 1 Friend 2
Allow selected friends to forward your request to their friends
A friend has some spare cash and makes a new offer to invest. If you are included in the
offer you will be alerted on your home page. A small number will next to |Seek Funding| in your menu bar indicating that there are new offers to lend from your
friends.
Any new offers from friends to invest will also show in your activity in the following
format.
A Friend
offered to invest £3,000 @ net target profit of £300
By clicking on View Detail you
can also see all other friends that the offer was sent to. If any of the these friend make a request for funding
it will also show in your activity. If you see that other, perhaps mutual friends have decided to make a request
for funding from that particular friend , you may also be more inclined to do so yourself.
Clicking on 'Make a request for funding' will give you the full
details of the offer and all competing requests that other friends have made in response to it:.
offered to invest £3,000 @ net target profit of £300 from 29/01/2014 to 30/03/2014
Make a request for funding
Amount of funding required £ Total target profit
expected on this Investment £ %
profit share to investor Description
Total
Amount Selected: £2000 Average Profit Share: 45% Average Net Target profit (%): 11% Total Net Target Profit: £220
Make a request for funding
Amount of
funding required £
Total target profit expected on this Investment £
% profit share to investor Net target profit to investor
£0 ( 0%)
Description
You can sort competing requests above by amount and by Net Target Profit (%). For
multiple requests use the check boxes to select combinations of different requests that make up the total amount
offered by the investor. The Total Amount Selected, Average Net Target Profit (%) and Amount to be repaid for
selected requests will be calculated for you below. This will assist you in making a request that minimises the %
profit share to the investor ( if that is your objective) whilst still being competitive.
To make a request simply enter the Amount of funding required,Total target profit
expected on the Investment and your preferred % profit share to the investor . The Net target profit to
the investor will be calculated automatically alongside enabling you to compare it with other competing requests for
funding. Finally enter your business plan (Description) and press 'submit'.
Your request will then appear in your Activity in the following format.
requested funding of £500 @ 50% profit share (Net target profit of £100 or
20%)
Once you have submitted your request it
becomes active and can be agreed at any time by the recipient. You can track the progress of each of your requests
to borrow by clicking on 'MY BORROWING' (See later). You can withdraw a request at any time, as long as it has not
been agreed, by clicking on 'withdraw'.
Make an offer to Invest
If a friend makes a request for funding ('Seek Funding') and
you are
included in the request it will show under the heading 'Respond To Friends That Are Already Seeking Funding'
(below). You can view more detail and make an offer to lend by clicking on 'Make an offer' against each request. The total amount of funding requested,
Average term (weighted), and average target profit rate (weighted) are shown in red below.
Make a New Offer to
Invest
AND/OR
Respond To Friends That Are Already Seeking
Funding
Currency
How much are you looking to invest?
Start date of investment
Repayment date
Net target profit sought
Send your request to:
Friend 1 Friend 2
Allow selected friends to forward your offer to their friends
If your friends make any new requests for funding you will be alerted on your home page.
A small number will appear next to |Invest| in your menu bar indicating there are new
requests for funding from your friends.
Requests for funding from friends will also show in your Activity in the following
format.
A Friend
requested funding of £5,000 @ 50% profit share to the investor.
The
target profit is £5000
Clicking on View Detail will display full details of the
request including all other friends that the request was sent to. If any of these friend make an offer to invest it
will also show in your activity. If you see that other, perhaps mutual friends have decided to make an offer to
invest with that particular friend, you may also be more inclined to do so yourself.
Clicking on 'Make an offer to invest' will give you full details of the request and all competing requests that
other friends have made in response to it:
Friend 1
requested funding of £5,000 @ 30% profit share to the investor from 21/01/2014 to 21/01/2015. The
target profit is £5,000
Make an offer to invest
£ @ % profit share to you, if target profit of £5,000
is achieved your share of the profit will be £0
£ @ % profit share to you, if target profit
of £5,000 is achieved your share of the profit will be £0
You can sort competing offers above by Amount and by Net Target Profit (%) . For
multiple offers use the check boxes to select combinations of different offers that make up the total amount of
funding required by the entrepreneur. The Total Amount Selected, Average Profit Share, Average Net Target profit
(%),and the Total Net Target Profit for selected offers will be calculated for you
below. This will assist you in making an offer that maximises your Net target profit ( if that is your objective) whilst still being competitive.
To make an offer simply enter the amount you wish to invest, the % profit share that you
require (your net target profit will be calculated automatically alongside) and press 'submit'. Your offer will then
appear in your Activity in the following format.
offered to invest £2,500 @ 50% profit share (net target profit of £1,250)
Once you have submitted your offer it becomes active and can be agreed at
any time by the recipient. You can withdraw your offer at any time as long as it has not been agreed by clicking on
Withdraw. You can track the progress of your offer to invest by clicking on 'MY
INVESTMENT' (see later).
My Currencies
You can use Agree it in any currency. In fact when you join 'Agree it',
your
default currency is set according to your country of residence as stated on your Facebook profile. Your default
currency will appear in the top left hand corner of your home page.
You can change your
default currency at any time by clicking 'change' and using the drop down box to select a new default currency.
Changing your default currency will change the currency in your home page (see top left hand
corner).
You
may not wish to change your default currency however you may wish to initiate transactions (|Borrow|Lend|Seek Funding|Invest|) in different currencies. On each of these input
pages you have the option of selecting which currency to transact in. Once you initiate a new request or
offer in a different currency you will see the new currency displayed under 'MY CURRENCIES' under your default
currency. For example if your default currency is UK Pound and you make a new request to borrow in US
Dollar then you will see the following:
MY CURRENCIES
United Kingdom Pound (default) United States
Dollar
Similarly if a friend sends you a request or offer in another currency for
example US Dollars you will see the new currency under your default currency (A little number in a square next
to the currency will alert you that you have new offers/requests in that currency).
If you click on 'United States Dollar' your home page will change to US Dollar and you will be able
to see all of the transactions, activity and agreements that you have made in US Dollars . This is not to be
confused with converting all of your transaction into US Dollars, the application does not convert currencies.
'Agree it' stores all transactions, activity and agreements on a separate home page for each currency. You can
always switch back to your default currency by clicking on 'US Dollar' for the example
above.
My Borrowing
So you've made a request or requests for a loan from your friends, you can
now
track the progress of your requests by clicking on 'MY BORROWING' in the left hand column of your home page. Your
requests will appear in the following table format:
'Request type' refers to whether the request to borrow is new (N) or if the request was
in
response (R) to friends that are already lending (see Make a request to borrow above). You can view the
full details by clicking 'View detail' against each request. All
of your borrowing related activity will also show below the table.
You will be alerted to any new offers or agreements to your requests on your home page.
A small number will appear next to 'MY BORROWING' indicating that there are new offers or agreements from your
friends in response to your requests.
In the above example the borrower is trying to raise £1000, first by submitting a
new request (N) to borrow £1000, and then by making a series of separate bids for smaller amounts that make up
the desired £1000.
For the new request (N) £500 has been offered by friends at an average rate of
20%. For the response requests (R) , the 'Status' column shows £500 (£100,£200 and £200) as
agreed by friends and at an average rate of 14%. If the borrower agrees the £500 offered at 20% average then
the full desired amount of £1000 will have been agreed at an average rate of 17%=[(500/1000 x 20) +(500/1000 x
14)].
Alternatively the borrower may choose to wait for more offers against the (N) request
potentially at a lower rate , however in doing so they run the risk that the existing offers (total £500
@average rate
20%) are withdrawn. Whether they choose to wait for better offers will depend upon the time left to the start of the
loan , the number of friends that are included in the (N) request that have not yet made offers, and the likelihood
of them doing so.
You can check how competitive your (N) request is by clicking on |Lend|
and viewing the (N) requests of others in your network that may competing for the same lenders as you.
You can withdraw an (N) request at any time even if you have agreed offers made in response. In this
case the request will be withdrawn but the agreements made will still stand. On the other hand an (R) request can be only be withdrawn at any time prior to agreement. To withdraw a request simply click on the 'withdraw' button displayed next to a particular request. If you withdraw a request it will be removed from 'MY BORROWING' and will also be removed from the corresponding recipients account and Activity.
My Lending
If you've made an offer or offers to lend to your
friends
you can now track the progress of your offers by clicking on 'MY LENDING'. Your offers will appear in the following
table format:
'Offer type' refers to whether the offer to lend is new (N) or if the offer was in
response
(R) to friends that are already borrowing (see Make an offer to lend above). You can view the full
details by clicking 'View detail' against each offer. All of your
lending related activity will also show below the table.
You will be alerted to any new requests or agreements against your offers on your home
page. A small number will appear next to 'MY LENDING' indicating that there are new offers or agreements from your
friends in response to your requests.
In the above example the lender is looking to place £1000, first by submitting a
new offer(N) to lend £1000, and then by making series separate response (R) offers for smaller amounts that
make up the desired £1000.
For the new offer (N) £500 has been requested by friends at an average rate of
20%. For the response (R) offers , the 'Status' column shows £500 (£100,£200 and £200) as
agreed by friends and at an average rate of 26%. If the lender agrees the £500 offered at 20% average then the
full desired amount of £1000 will have been agreed at an average rate of 23% =[ (500/1000 x 20) +(500/1000 x
26)].
Alternatively the lender may choose to wait for more requests against
the (N) offer potentially at a higher rate , however in doing so they run the risk that the existing requests
(total £500 @average rate 20%) are withdrawn. Whether they choose to wait for better requests will depend upon
the time left to the start of the loan , the number of friends that are included in the (N) offer that have not yet
made requests, and the likelihood of them doing so.
You can check how competitive your (N) offer is by clicking on |Borrow| and
viewing (N) offers from other lenders in their network who may competing for the same borrowers.
You can withdraw an (N) offer at any time even if you have agreed requests made in
response. In this case your offer will be withdrawn but the agreements made will still
stand. On the other hand an (R) offer can be only be withdrawn at any time prior to agreement. To withdraw an offer
simply click on the 'withdraw' button displayed next to the selected offer. If you withdraw an offer it will be
removed from 'My lending' and will also be removed from the corresponding recipients account.
My Funding
So you've taken a step closer to becoming an entrepreneur by requesting
funding
from your friends and family. You can now track the progress of your requests by clicking on 'MY FUNDING' in the
left hand column of your home page. Your requests will appear in the following table format:
'Request type' refers to whether the request for funding is new (N) or if the request
was in response (R) to friends that are already lending (see Make a request to borrow above). You can view the full details by clicking
'View detail' against each request. All of your funding related
activity will also show in 'MY FUNDING' below the table.
You will be alerted to any new offers or agreements to your requests on your home page.
A small number will appear next to 'MY FUNDING' indicating that there are new offers or agreements from your friends
in response to your requests.
In the above example the entrepreneur is trying to raise £1000, first by submitting a new request(N) for
funding £1000, and then by making a series of separate (R) requests for smaller amounts that make up the desired £1000.
For the new request (N) £500 of investment has been offered by friends at an
average profit share of 40% (remember profit share means the percentage of profits that goes to the investor) . For
the response requests (R) , the 'Status' column shows £500 (£100,£200 and £200) as agreed by
friends and at an average profit share of 39%. If the entrepreneur then agrees the £500 offered at 40% the
full desired amount of £1000 will have been agreed at an average rate of 39.5%= [ (500/1000 x 40) +(500/1000 x
39)].
Alternatively the entrepreneur may
choose to wait for more offers against the (N) request potentially at a lower profit share , however in doing so
they run the risk that the existing offers (total £500 @average profit share 40%) are withdrawn. Whether they
choose to wait for better offers will depend upon the time left to the start of the loan , the number of friends
that are included in the (N) request that have not yet made offers, and the likelihood of them doing so.
You can check how competitive your (N) request is by clicking on |Invest|
and viewing the (N) requests of others in your network that may competing for the same investors as you.
You can withdraw an (N) request at any time even if you have agreed offers made in
response. In this case the request will be withdrawn but the agreements made will still stand. On the other hand an
(R) request can be only be withdrawn at any time prior to agreement. To withdraw a request simply click on the
'withdraw' button displayed next to a particular request. If you withdraw a request it will be removed from 'MY
FUNDING' and will also be removed from the corresponding recipients account and Activity.
My Investments
So you have offered to help your friends get their ventures started or
develop. If
you've made an offer(s) to your friends to invest you can now track the progress of your offers by clicking on 'MY
INVESTMENT'. Your offers will appear in the following table format:
'Offer type' refers to whether the offer to invest is new (N) or if the offer was in
response
(R) to friends that are already seeking funding (see Make an offer to lend above). You can view the
full details by clicking 'View detail' against each
offer. All of your lending related activity will also show below the above table. You will be alerted to any new
requests or agreements against your offers on your home page. A small number will appear next to 'MY INVESTMENT'
indicating that there are new offers or agreements from your friends in response to your requests.
In the above example the investor is looking to place £1000, first by submitting
a new offer(N) to invest £1000, and then by making a series of separate (R) offers for smaller amounts that make up the
desired £1000.
For the new offer (N) £500 has been requested by friends at an average target profit rate of 50% (remember target
profit rate always refers to the annualised % return to the investor). For the response offers (R) , the 'Status' column shows £500 (£100,£200 and £200) as agreed by friends and at an average target profit rate of 58%. If the investor agrees the £500 requested at 50% target profit rate then the full desired amount of £1000 will have been agreed at an average rate of 54% [ (500/1000 x 58) +(500/1000 x 54)].
Alternatively the Investor may choose to wait for more requests against the (N) request
potentially at a higher target profit rate , however in doing so they run the risk that the
existing requests (total £500 @average rate 50%) are withdrawn. Whether they choose to wait for better
requests will depend upon the time left to the start of the investment , the number of friends that are included in
the (N) offer that have not yet made requests, and the likelihood of them doing so.
You can check how competitive your (N) offer is by clicking on |Seek
Funding| and viewing (N) offers from other lenders in their network who may competing for the same
entrepreneurs.
You can withdraw an (N) offer at any time even if you have agreed requests made in
response. In this case your
offer will be withdrawn but the agreements made will still stand. On the other hand an (R) offer can be only be
withdrawn at any time prior to agreement. To withdraw an offer simply click on the 'withdraw' button displayed next
to the selected offer. If you withdraw an offer it will be removed from 'MY INVESTMENT' and will also be removed
from the corresponding recipients account.
Agreements
Well done! by now you will be well on your way to tapping into your social network for
borrowing options, lending, getting funding or sourcing investment opportunities. Now its time to Agree it ! Agreement is the final stage of the negotiation process.
On 'Agree it' the agreements that you make with your friends are NOT normal contractual agreements
between two parties in the legal sense. For the purposes of this application, any agreement made through it is
strictly a pledge or 'Gentleman's agreement'.
It is strictly a term of use of this application that any agreements made within
'Agree it' are non legally binding.
The aim of Agree it is to match you with potential borrowers, lenders, entrepreneurs
and investors within your social network. The Agree it platform enables you to negotiate and agree terms with
multiple friends without entering into legally binding contracts. Agree it does not provide legal contracts.
If you require legally binding contracts with the agreed terms then you can always arrange these with your friends
outside of this application subject to the laws and regulations of your jurisdiction (home country).
As stated above there is no legal obligation to honour any agreement made within this application.
Nevertheless, given that you have entered into these agreements with members of your social network,
there is no doubt a social obligation to make good on an agreement.
On 'Agree it' once you
make an agreement with a friend it is stored in your profile (see later) and can be viewed in the future by any
prospective counter participant (only with your permission of course). For the purpose of this application
prospective 'counter participant' means another friend or user on 'agree it' to whom you may make a
request or an offer for borrowing, lending, funding or investment in the future. This counter participant
will have access to your profile (see My Profile below) and will be able to view your current and previous
agreements including the friends that you made agreements with (although they will not be able to see
their profiles unless they have been granted access).
After an agreement has been made both parties to agreement
with will be able to report on each other's performance against the agreement. On the start date of an agreement a borrower can
confirm that they actually received the funds from the lender as agreed . Similarly on the repayment date a lender can confirm that
a borrower has repaid the loan with interest as agreed. Confirmation by both parties to an agreement are recorded in a user's
profile alongside each agreement (see My Profile below).
Also by simply clicking on the icon of one of the friends that you had a previous agreement with, your potential counter party
will be connected to their public Facebook profile. They will then be able to message them for more information about how
you performed against your agreement with them before they decide to enter into an agreement with you.
This works in a similar way to a bank checking you credit score
before offering you a loan. The idea is that aside from keeping your friends happy you have an incentive
to make good on your agreements in order to build a good reputation as a borrower,lender, investor or
entrepreneur or all of the above within your network. By virtue, the better your reputation, the better
the terms you can negotiate in the future. Once an agreement is made it can only be cancelled with the consent
of both parties.
Conversely you can even use Agree it if you have already agreed terms and are about to enter into a legally binding
private loan agreement with a friend outside of the app. Currently there is no effective way of recording a private
loan between friends with a credit referencing agency. By recording the loan in Agree it, as a lender,
you are given an additional level of protection knowing that the agreement can be referenced by other parties in the future.
As a borrower you can benefit too, given that you make good on your the agreement, the record in Agree it can be the basis
of a positive credit history within the app.
Agree it does not currently handle the payment side of your agreements,
it provides you with tools to negotiate and a place to store your agreements. You will need to arrange
the mode of payment with your friends outside of the application for example, online bank transfer, cash or Paypal etc. On Paypal
Sending money to friends and family is free for you and the recipient when you fund the transfer with your bank
account or PayPal balance.
Agreeing to Borrow
So you have submitted a new request to borrow , have received offers to lend back from
your
friends in response. Now its time to agree the best offers!
From the home page click on 'My Borrowing' to bring up your table of requests (see
My
Borrowing above). Click View detail against your request with offers that you wish to
agree (remember you can only agree offers for new requests (N) , response requests (R) are agreed by the lender).
This will bring up the details of your original request to borrow and all offers to lend that have been made by your
friends in response:
requested to borrow £5,000 @ 5% per annum from 16/03/2013 to
16/04/2013
Now that you can see all the competing offers to your requests to borrow ,
you can select the best ones that fulfil your borrowing requirements.
You can sort the offers by
rate and amount and use the tick boxes to select different offers that can make up the total amount that you
have requested. The application will automatically calculate the Total Amount, Average Rate and Amount to
be repaid for the offers that you select. This will assist you in selecting the best offers that fulfil your
borrowing requirement before you agree them.
Use the tick boxes to select the best offers and
press the 'Agree Selected' button to agree them simultaneously. You have now made an agreement with each
of the friends whose offers you have selected. Once you agree an offer or a group of offers you will be directed to
'MY AGREEMENTS' (see later) where you will be able to view all of your latest agreements. Each new agreement
will also appear as an item in your activity in the following format.
agreed to borrow £1,000 @ 7% per annum from 18/03/2013 to
18/04/2013
Clicking on 'View Detail' brings up the full details of your agreement to borrow from Friend 1, the full details
of your initial request to borrow, and details of all agreements that you entered into with other friends to fulfil
your loan request.
It is possible to cancel an agreement however a cancellation must also be approved by the lender. Pressing
cancel will send a cancellation request to the lender for approval (see
later Cancellations )
Agreeing to Lend
Similarly if you have submitted a new
offer to lend to a group of friends and have received requests (bids) to borrow from your friends in response. Now
its time to agree the best requests!
From the home page click on 'My Lending' to bring up your table of requests (see My
Lending above). Click View detail against your offer with bids that you wish to agree (remember you can
only
agree requests for new offers (N) , response offers(R) are agreed by the borrower). This will bring up the details
of your original offer to lend and all requests that have been made by your friends in response to your offer:
offered to lend $5,000 @ 10% per annum from 16/03/2013 to 16/04/2013
Total Amount Selected: £5000 Average Rate: 7% Amount to be repaid: £5031.64
Now that you can see all the
competing requests to your offer to lend, you can select
the best ones that fulfil your lending requirements. You can sort the offers by rate and amount and use the
tick boxes to select different offers that can make up the total amount that you have requested. The application
will automatically calculate the Total Amount, Average Rate, Amount to be repaid for the offers that you select.
This will assist you in selecting the best offers that fulfil your lending requirement before you agree
them. Use the tick boxes to select the best offers and press the 'Agree Selected' button to agree them
simultaneously.
You have now made an agreement with each of the friends whose requests you have
selected. Once you agree a request or a group of requests you will be directed to 'MY
AGREEMENTS' (see later) where you will be able to view all of your latest agreements. Each new agreement will also
appear as an item in your activity in the following format.
agreed to lend £1,000 @ 7% per annum from 19/03/2013 to 19/04/2013
to
Clicking on View Detail
brings up the full details of your
agreement to lend to Friend 1, the full details of your initial loan offer to lend, and details of all
agreements that you entered into with other friends to fulfil the loan offer.
It is possible to cancel an agreement however a cancellation must also be approved by the borrower. Clicking
cancel will send a cancellation request to the borrower for approval (see
later Cancellations )
Agreeing Funding
So you have submitted a new request to borrow , have
received offers to lend back from your friends in response. Now its time to agree the best offers!
From the home page click on 'My Funding' to bring up your table of requests (see My
Funding above). Click View detail against your request with
offers
that you wish to agree (remember you can only agree offers for new requests(N) , response requests are agreed by the
investor). This will bring up the details of
your original request for funding and all offers to invest that have been made by your friends in response to your
request:
requested funding of £5,000 @ 50% profit share to the
investor from 16/03/2013 to 16/04/2013. The target profit is £3,000
Now that you can see all the competing offers to your
request for funding, you can select the best ones that fulfil your funding requirements.
You can sort the offers by rate and amount and use the tick boxes to select different
offers that can make up the total amount that you have requested. The application will automatically calculate the
Total Amount, Average Profit Share, Average Net Target Profit and Total Net Target Profit for the offers that you
select. This will assist you in selecting the best offers that fulfil your lending requirement before you agree
them. Use the tick boxes to select the best offers and press the 'Agree Selected' button to agree them
simultaneously.
You have now made an agreement with each of the friends whose offers you have selected.
Once you agree a request or a group of requests you will be directed to 'MY AGREEMENTS' (see later) where you will
be able to view all of your latest agreements. Each new agreement will also appear as an item in your activity in
the following format.
agreed to funding of £1,000 @ 60% profit share from
19/03/2013
to 19/04/2013 from
Clicking on View Detail brings up the full details of your agreement to
lend to Friend 1,
the full details of your initial offer to lend, and details of all agreements that you entered into with other
investors to fulfil your funding request.
Agreement for Funding
On 18/3/2013
agreed to funding of £1,000 @ 60% profit share (net target profit
of
£360) from
Friend 1
from 19/03/2013 to 19/04/2013
£1,360 to be repaid on 19/04/2013 if target profit is achieved
It is possible to cancel an agreement however a cancellation must also be approved by the investor.
Clicking cancel will send a cancellation request to the investor for approval
(see later Cancellations )
Agreeing to Invest
Similarly if you have submitted a new offer to invest to a
group of friends and have received requests (bids) for funding from your friends in response. Now its time to agree
the best requests!
From the home page click on 'MY INVESTMENT' to bring up your table of offers (see My
Investment above). Click View detail against your offer with requests
that you wish to agree (remember you can only agree requests against new offers (N) , response offers(R) are
agreed by the entrepreneur). This will bring up the details of your original offer of
investment and all requests that have been made by your friends in response to your offer:
offered to invest £5,000 @ net target profit of £4,000 from
16/03/2013 to 16/04/2013
Now that you can see all the competing requests to your offer to
invest, you can select the best ones that fulfil your investment requirements.
You can sort the
offers by rate and amount and use the tick boxes to select different offers that can make up the total amount
that you have requested. The application will automatically calculate the Total Amount, Average Profit
Share, Average Net Target Profit and Total Net Target Profit for the offers that you select. This will assist you in
selecting the best offers that fulfil your investment requirement before you agree them. Use the tick boxes to
select the best offers and press the 'Agree Selected' button to agree them simultaneously.
You have now made an agreement with each of the friends whose requests you have
selected. Once you agree a request or a group of requests you will be directed to 'MY AGREEMENTS' (see later) where
you will be able to view all of your latest agreements. Each new agreement will also appear as an item in your
activity in the following format.
agreed to invest £1,000 @ 50% profit share from 19/03/2013
to
19/04/2013 with
If you click on View
Detail you will bring up the full details of your agreement to invest with Friend 1, the full
details of your original offer to invest and details of all agreements that you have entered into with
other friends to fulfil your placement.
It is possible to cancel an agreement however a cancellation must also be approved by the entrepreneur.
Clicking cancel will send cancellation request to the entrepreneur for
approval (see later Cancellations )
My Agreements
You can view all of your agreements by clicking on 'MY AGREEMENTS'.
You will be presented will the following summary of all of your agreements to date:
This page give you total amounts to date that you have agreed to borrow, to lend, for funding, and to invest.
It
also gives you a snapshot of the total amounts that you should be expecting to receive in the future ('Due to
borrow'/'Funding Due'/'Due to be repaid') and the amounts that you need to pay in the future ('Due to repay'/'Due to
lend'/'Due invested') as
per the agreements that you have entered into.
By clicking on each of coloured panels you can view the following tables of agreements that make up your
borrowing,
lending, funding and investment to date.
My Agreements to Borrow
All of your agreements to borrow will be displayed in the following table and you can sort them by clicking on each of
the column headings.
This table will enable you to manage all of your borrowing obligations and to see when you need to make repayments to
your friends as per your agreements. The totals at the bottom show a snapshot, at any given time, of the amount you
should be expecting to receive 'Due to borrow' and the amount that you will need to repay in the future 'Due to
repay'.
On the start date of each agreement to borrow you will be able to report that you have actually received the funds
from the lender as agreed by clicking 'confirm' (see above). This information will be then be updated both the
lender's and your profile (see later). Conversely upon the repayment date the lender will be able to confirm that
you have repaid the funds as agreed and both profiles will be updated accordingly.
Clicking on View
Detail against each agreement will give you full details of each of your agreements in the format show earlier
(See Agreeing to
borrow).
My Agreements to Lend
All of your agreements to lend will be displayed in the following table format (example below) and you can sort them by
clicking on each of the column headings.
This table will enable you to manage all of your lending obligations and to see when you need to make payments to your
friends as per your agreements. The totals at the bottom show a snapshot at any given time of the amount that you need
to pay 'Due to lend' and the amount you should be expecting to receive in the future 'Due to be repaid'.
On the repayment date of each agreement to lend you will be able to report that you have actually been repaid the funds by
the borrower as agreed by clicking 'confirm' (see above). This information will be then be updated on both the
borrower's and your profile (see later). Conversely on the start date the borrower will be able to confirm that
the funds were received as agreed and both profiles will be updated accordingly.
Clicking on View
Detail against each agreement will give you full details of each of your agreements in the format show earlier
(See Agreeing to lend).
My Agreements for
Funding
All of your agreements to lend will be displayed in the following table format (example below) and you can sort them by
clicking on each of the column headings.
This table will enable you to manage all of your funding obligations and to see when you need to make payments to your
friends as per your agreements.
The totals at the bottom show a snapshot at any given time of the amount you should be expecting to receive 'Due
to be funded' and the amount that you will need to repay in the future if your venture goes according to plan 'Due to
repay'.
On the start date of each agreement for funding you will be able to report that you have actually received the funds from
your investors as agreed by clicking 'confirm' (see above). This information will be then be updated both the investor's
and your profile (see later). Conversely upon the repayment date the investor will be able to confirm that you have
repaid the funds as agreed and both profiles will be updated accordingly.
Clicking on View Detail against each agreement will give you full details of each
of your agreements in the format show earlier (See Agreeing Funding).
My Agreements to Invest
All of your agreements to lend will be displayed in the following table format (example below)
and you can sort them by clicking on each of the column headings.
This table will enable you to manage all of your investment obligations and to see when you need to make payments
to your friends as per your agreements. The totals at the bottom show a snapshot at any given time of the amount that
you need to pay 'Due to invest' and the amount you should be expecting to receive in the future if the ventures that
invest in go according to plan 'Due to be repaid'.
On the repayment date for each agreement to invest you will be able to report that you have actually been repaid the funds by
the entrepreneur as agreed by clicking 'confirm' (see above). This information will be then be updated on both the entrepreneur's
and your profile (see later). Conversely on the start date the entrepreneur will be able to confirm that the funds were
received as agreed and both of your profiles will be updated accordingly.
Clicking on View
Detail against each agreement will give you full details of each of your agreements in the format show earlier
(See Agreeing Investment).
Cancellations
Once an agreement has been made it is possible to cancel it however this must be done with consent of both
participants in the agreement.
Requesting a cancellation
Locate the agreement you wish to cancel by clicking on 'MY AGREEMENTS' and select from agreements 'To
Borrow' , 'To Lend', 'For Funding' or 'To Invest'. You will then be able to view your individual agreements
listed in table format (See MY AGREEMENTS above). Select the agreement you wish to cancel by clicking on View Detail you will presented with full details of the
agreement
(see example below). Clicking on cancel will send a request to cancel to the
other participant in the agreement, the lender (Friend 1) in the example below.
Check 'MY CANCELLATIONS' frequently, if your request to cancel is no longer
there it means that it has been approved and the agreement has been cancelled and deleted from your profile. You
can confirm this by checking 'MY AGREEMENTS' and your profile (see later) , the agreement will no longer be
listed.
Agreeing a cancellation
If any of your friends have requested to cancel an agreement with you will be alerted by a small
number next to MY CANCELLATIONS in the left hand column of your home page.
Click on 'MY CANCELLATIONS' to view the request to cancel.
requested to cancel agreement to borrow £1000 @ 7% per annum
Clicking 'Agree it' will cancel the agreement. The Agreement will be deleted and will no longer appear in
'MY AGREEMENTS' or your profile (see later).
My Profile
Your profile is important because it provides information about how you use
the application which may affect whether a friend decides to enter into an agreement with you. The most
important information on your profile is the list of current and previous agreements that you have entered
into. Each agreement displays the friend that you entered into agreement with and therefore enables a
prospective borrower, lender, entrepreneur or investor to connect with them for referencing purposes.
When a friend clicks on your icon (Photo or name) they will be directed to your profile
only if they permitted access to it (See Profile
visibility below) otherwise they will be directed to your Facebook page. You can view what they will see by
clicking on 'My profile' in your menu bar. First there is a summary of your situation in the following panel format.
This page gives the total amounts that you have agreed to borrow, to lend, for funding, and to invest to date
and average rates agreed. It also gives a snapshot of your outstanding requests/offers to borrow,
lend, for funding, and to invest, offers/requests from friends against them, and average rate offered/requested.
Average rates offered/requested by friends can give an indication of your reputation within your network. For
example if you are a borrower and your friends are offering to lend to you at a high average rate then there may be a
perception that you are a risky borrower. Conversely if you are a investor and you are being offered a low return on
your investment by entrepreneurs within your network then there may be a perceived risk that you may not deliver on an
agreement to invest.
By Clicking on each of the orange or green panels you, and others, will be able to view in detail how the
amounts you have agreed compare with the amounts that you
initially requested or offered . This table gives further potentially useful information about your approach to your
financial affairs which may influence a friend's decision to enter into an agreement with you.
For example if you are a borrower and you make a new request to borrow a certain amount. You may be offered
multiples of that amount by friends competing for your borrowing particularly if you have sent a request to a large
number of friends. If then as a result you take the opportunity to agree to borrow an amount far in excess of the amount
you requested, this will be shown in the table and visible to potential lenders. This behaviour may negatively affect
decisions by potential lenders to enter into agreements with you by implying that you have are unable to plan your
financial requirements and have
the potential to overspend and therefore possibly not repay.
AGREEMENTS
Once in 'My Profile' , if you click on 'Agreements' you will be presented with a summary of your agreements to
borrow, lend, for funding, and invest. The summary is again in the following format.
This page gives the total amounts to date that you have agreed to borrow, to lend, for funding, and to invest and
average rates agreed. It also gives a snapshot of your current agreements and previous agreements (i.e where the
repayment date is in the future) and previous agreements (where the repayment date is in the
past).
The difference in average rates between your current agreements and previous agreements can also give an indication
changes to your reputation within your network. In the above example the borrowers cost of borrowing for previous
agreements was 20% however it is now 10% for current agreements. The borrowers cheaper current cost of borrowing would
imply that they have made good on previous agreements and are therefore able to secure better terms for current
agreements. Their social credit score has improved.
Clicking on each of the coloured panels will give you an itemisation in table format of all of your agreements
to borrow, to lend, for funding and to invest respectively as illustrated in the following example.
These pages are particularly important for viewers of your profile as it is here that they can view your performance against agreements that
you have entered into. In the example above a potential lender can see three previous agreements with Friends 1, 2 and 3.
The potential lender can see that Friend 1 and 3 have been repaid however Friend 2 has yet to confirm repayment.
By clicking on the icon of either of Friend 2 the potential lender will be connected to their public Facebook pages.
The potential lender can also then send them a Facebook message to enquire as to if the potential borrower had made good on their previous agreement.
BORROWING, LENDING, FUNDING and INVESTMENT
Within 'My profile' the buttons on the left hand column show exactly the same information in table format that is found
in MY BORROWING, MY LENDING, MY FUNDING and MY INVESTMENT respectively. By viewing these a friend get a complete picture
of your current situation before making a decision to enter into an agreement with you.
For example you are a borrower, and you are requesting to borrow £1000 from one set of friends the
potential lender viewing your profile being one of them. At the same time you are requesting to borrow £10000 from
another group of friends. In this case each potential lender will be aware of your entire borrowing requirement and will
be able to base their decision on correct information.
Profile
Visibility
Your profile is not made public within Agree it or on Facebook. Your profile is only visible to friends that you choose to view it:
If you make a request to borrow or to seek funding the recipients of your request will have acess to
your profile. They can do this by clicking on your name or picture.
If you make an offer to lend or invest then the recipients of your offer will have access to your profile.
If you withdraw a request or an offer then the corresponding recipients will no longer have access to your
profile.
If you enter into an agreement with a friend then that friend will no longer have access to your
profile and visa versa unless you have other requests or offers outstanding that they are party to.
Your profile will not be visible to anyone except you so long as:
You have made no requests or offers to friends
You withdraw all of your requests and all of your offers.
You may also be thinking will information about me be visible to third parties via the profile of friends that
I have entered into agreements with?
The answer is yes however only to a limited extent to allow for referencing as described above in the
Agreements section. If you enter into an agreement with a friend then only the agreed amount , rate/profit
share and target profit, start date and repayment date will be visible to a third party that may have
access to the profile of the friend that you entered into the agreement with.
For example you
may initiate a request to borrow £10,000 using |Borrow| and send it
to selected friends in your network. In the |Borrow| page you
will be required to enter the total amount that you are requesting and a reason/description( this may be
personal or a business plan) for the loan and then submit it to your selected friends. If one or more friends
respond to your request by making an offer towards your loan. This offer will appear as an item in both your
activity of and the activity of your friend. It will also appear in the profile activity of your
friend:
If you or any of the recipients of the of your request click on View
Detail they will see the full details of
your initial request including the total amount that you were looking to borrow and the reason for the
loan. This is ok because they were party to your initial request. However if another user, who has access to
the profile of the friend that made you an offer (A Friend above) but is not a party to your initial
request and does not have access to your profile clicks on View Detail they will not see the full details of your
request they will only see the following:
offer to Lend
A Friend
offered to lend £1,000 @ 7% per annum to
from 28/02/2013 to 31/03/2013
£1,005.95 to be repaid on 31/03/2013
Status: Active
The total amount that you requested and the reason/description are not visible. Similarly if you
agree to the offer and it now appears in the AGREEMENTS section of your friend's profile then a third party who
has access to your friend's profile will only see the following when clicking on View
Detail
Agreement to Borrow
On 27/02/2013
agreed to borrow £1,000 @ 7% from
A Friend
from 28/02/2013 to 31/03/2013
£1,005.95 to be repaid on 31/03/2013
This is the minimal amount of information that a third party user may require for referencing
purposes (see Agreements section above). If the user wishes to reference you as to whether your mutual friend
made good on their loan to you, then they may do so by clicking on your icon. They will then be directed
to your public Facebook profile (as they do not have access to your 'Agree it' profile) and will able to
message you in that respect.
This way sensitive information such as the total amount requested/offered
and description are only visible to friends that are party to your initial request/offer and/or those that have
access to your profile. At the same time however minimal information is available to third parties for
referencing purposes.
Activity on your Profile
The activity section is in the centre of your profile:
Your profile activity will show all requests and offers that you have initiated by using |Borrow| |Lend| |Seek Funding| and |Invest|.
Your profile activity will also show responses from your friends to requests/offers that you have
initiated using |Borrow| |Lend| |Seek Funding| and |Invest| and
any agreements that you make as a result.
Your profile activity will show requests/offers that you initiate using 'Make an
offer' and 'Make a request' and any resulting agreements.
Your profile activity will however not show requests and offers submitted by your friends using |Borrow| |Lend| |Seek Funding| and |Invest| of which you are a recipient
.
If you withdraw a request/offer that you submitted using |Borrow| |Lend| |Seek
Funding| and |Invest| then it will no longer appear in your profile activity and any
subsequent responses from your friends will also be deleted. Only agreements that you have entered into
as a result will remain (see Activity below)
If you withdraw an offer/request that you made in using 'Make an offer' or
'Make a request' then the offer/request will no longer appear in your
profile activity. Only agreements that were created as a result will remain (see Activity below).
This way you can experiment with requests and offers (so long as they don't lead to agreements)
safe in the knowledge that they will not appear permanently on your profile.
Activity
Now that you have mastered how it all works you will be able to view what's
happening
in your network in real time!
In the centre of your home page you can view activity in chronological
order. You can also view activity of your friends (so long as you have access to their profile as per
above).
Your activity will show all requests and offers that you have initiated by using |Borrow| |Lend| |Seek Funding| and |Invest|
Your activity will also show responses from your friends to requests/offers that you have initiated
using |Borrow| |Lend| |Seek Funding| and |Invest| and any agreements
that you make as a result.
Your activity will show requests and offers submitted by your friends using |Borrow| |Lend| |Seek Funding| and |Invest| of which you are a
recipient .
Your activity will show requests/offers that you initiate in response to the above using 'Make an offer' and 'Make a request' and any
resulting agreements.
Your activity will even show activity initiated be other users in response requests/offers submitted by
your friends using |Borrow| |Lend| |Seek Funding| and |Invest| and any
agreements made as a result so long as you were also a recipient of the request/offer. This will
be the case even if you have not responded to the request/offer yourself.
You can also respond to activity items, by clicking on the options on each item: view detail,
withdraw, make an offer, Agree it.
In order to keep the activity up to date and relevant items will
automatically be deleted from activity according to the following:
1. If you withdraw a
request/offer that you have initiated using |Borrow| |Lend| |Seek Funding| and
|Invest|then the initial request/offer will be deleted from your activity (including profile
activity). It will also be deleted from the activity of the friends that you submitted the request/offer
to.
All responses from friends to the request/offer that is withdrawn will be deleted from
both your and the recipients activity. The only remaining evidence of your initial request/offer will be the
'withdrew request/offer' item as below and this will be deleted on expiry of the initial
request/offer.
2. If you withdraw an offer/request that you made by clicking on 'Make an offer' or 'Make a
request' then the offer/request that you made will be deleted from your activity (including activity on your
profile).
The activity item will also be deleted from the activity of the friend that you made
the offer/request to and the activity of other parties to which your friend had submitted the initial
request/offer to using 'Borrow, 'Lend' 'Seek Funding' or 'Invest'.
The only remaining evidence
of the offer/request that you made will be the 'withdrew request/offer' item as example below and this will be
deleted on expiry of the initial request/offer that your friend submitted using 'Borrow','Lend','Seek
Funding' or 'Invest'.
3. If you a request to cancel an agreement and your 'request to cancel' is agreed then both the
agreement and the request to cancel are immediately deleted from your profile and activity and also for the
counter party to the agreement.
4. If you withdraw a request to cancel an agreement then the
request will immediately be deleted from your activity (including activity on your profile) and from the
activity of recipient of the request. Unlike withdrawing a request/offer made using 'Borrow', 'Lend' 'Seek
funding' or 'Invest' there will be no 'withdrew request' item remaining.
This way your
activity dashboard will always remain up to date and relevant. You can also experiment with requests and offers
(so long as they don't lead to agreements) safe in the knowledge that they will not appear permanently on
your profile.
Experiment!
Why not play around with it yourself. You can initiate out requests to
borrow
and seek funding or initiate offers to lend or invest and see how your friends respond. You can also invite
your friends to have a go. You don't have to agree to anything. If we haven't covered anything here then
please drop us a line on the feedback
page. We will try to respond as soon as possible.
